HYPE Rallies as Commodity Perps Lift Hyperliquid’s HIP-3 Open Interest to About $793 Million

Overview

• HIP-3 open interest is holding near a record $790–793 million, up from about $260 million a month ago, according to Hyperliquid.
• Silver and gold perpetuals have led recent activity, with silver markets topping roughly $1.2 billion in 24-hour volume on Hyperliquid.
• TradeXYZ accounts for the majority of HIP-3 throughput, contributing more than $22 billion of roughly $25 billion in total volume since launch, FlowScan data shows.
• HYPE has climbed roughly 20–30% over 24 hours and about 50–54% over a week to the low‑$30s, still trading well below its 2025 peak.
• Hyperliquid routes up to 97% of fees to an Assistance Fund that buys HYPE and burns token-denominated fees, while outside analysts question CEO Jeff Yan’s liquidity comparisons with centralized exchanges due to execution design differences.